Xcite Energy Limited: Memorandum of Understanding with AMEC

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TSX-V, LSE-AIM: XEL
12 June 2013
Xcite Energy Limited
("Xcite Energy" or the "Company")
Memorandum of Understanding with AMEC
Xcite Energy announces that its 100% subsidiary, Xcite Energy Resources
Limited ("XER"), has entered into a Memorandum of Understanding ("MOU")
with AMEC Group Limited ("AMEC") setting out commercial principles for
future cooperation to support the development of the Bentley Field.
XER and AMEC will shortly commence a front-end engineering and design
(FEED) programme, during which the terms for a wider services agreement
are expected to be formulated to include project and programme
management and controls, further detailed engineering and design,
fabrication management, sub-contractor management, hook-up and
commissioning, operations and maintenance planning and system build,
and Duty Holder services.
XER and AMEC intend to build on the already agreed MOU principles to
optimise the commercial benefits for all stakeholders and provide a
strong foundation for the life-of-field technical and operational
solutions.
Rupert Cole, CEO of Xcite Energy, commented:"We are very pleased to have
developed our existing relationship with
AMEC to create the basis for these commercial arrangements. I believe
that AMEC's expertise and track record in delivering major UKCS
offshore and heavy oil projects will complement the Company's own
skillset to deliver a best in class development programme. This is
another industry confirmation of Bentley as one of the largest
development-ready North Sea fields and provides further, complementary
support to the current farm-out process as we progress towards
development."
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Liberum Capital Limited (Joint Broker and Nomad) +44 (0) 203 100 2000
Clayton Bush / Tim Graham
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000
Andrew Foster
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook
and anticipated events or results and, in some cases, can be identified
by terminology such as "may", "will", "should", "expect",
"plan","anticipate", "believe", "intend", "estimate", "predict",
"target","potential", "continue" or other similar expressions concerning
matters
that are not historical facts. These statements are based on certain
factors and assumptions including expected growth, results of
operations, performance and business prospects and opportunities. While
the Company considers these assumptions to be reasonable based on
information currently available to us, they may prove to be incorrect.
Forward-looking information is also subject to certain factors,
including risks and uncertainties that could cause actual results to
differ materially from what we currently expect. These factors include
risks associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates oil
and gas potential properties), the risk of commodity price and foreign
exchange rate fluctuations and the ability of Xcite Energy to secure
financing. Additional information identifying risks and uncertainties
are contained in the Company's annual information form dated 26 October
2010 and in the Management's Discussion and Analysis for Xcite Energy
dated 17 May 2013 filed with the Canadian securities regulatory
authorities and available at www.sedar.com . The Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
This information is provided by RNS
The company news service from the London Stock Exchange
END